A Treasure Trove of Unclaimed Money

Billions of dollars are unclaimed in the United States are held by government agencies of all kinds such as the IRS, insurance companies, banks, and even some corporations. However, most people that have unclaimed property have no idea that it even exists. While there are rules and regulations that require the agency to give notice to whomever the money belongs to, some don’t.

The good news is that with the advent of the internet it is easier to learn whether or not money is owed to you. Nearly every state now has a website dedicated to “unclaimed property”. It’s easy enough to Google your state, enter a few key pieces of information, complete a claim form and the money is sent to you from the state’s comptroller’s office.

The bad news is that if you don’t claim the money within a certain time period, and each state has its own set of rules for this, the money will be “escheated” to the state. In simple terms, they get to keep it. Which begs the question: is this why some states are not so eager to tell the claimants about their impending fortune? Who knows…I mean, essentially, it adds up to billions in money that is somewhat of a gift if they get to keep it, and its discretionary, meaning they can use for whatever they deem.

It is your responsibility to seek out what belongs to you. Now that you know that there is a possibility that you may have money hiding in the vault of some state agency, take the time to search for it and claim it.

As a Tax Sales Recovery Specialist, and licensed insurance agent, I have special skills to do a deep dive into the government databases and help reunite people with the money that rightfully belongs to them, outside the typical places you find on the internet. Some of the clients I’ve assisted have come into 6-figure paydays within a couple of months.

It’s easy to just want to take mini-vacays, buy a new car, or even a home with the money you didn’t see coming. But, you must remember, that any unclaimed cash may hold with it a tax responsibility. And it is always a good idea to play it safe and deduct enough to pay the appropriate tax and put it into a high interest bearing instrument until tax time.

Discovering unclaimed money is something of a modern day treasure hunt. It’s not easy to find large sums, but they can be found. For some, this could put life on a new trajectory. It is a good idea to find ways to make that unexpected “windfall” work for your long-term financial security.

Of course, take some of the money and spend for yourself on something that will bring you great pleasure. After all, you deserve it!

Just remember, that unclaimed cash or property is an unexpected gift and a chance to create a lasting financial legacy for you and your loved ones. Don’t make the mistake of spending it all and not preserving some for when you really need it. It is better to prepared for the worst, and expect the best!

The content in this article is for educational purposes only and is not financial advice. Please talk to a tax attorney, certified financial planner, or professional concerning unclaimed funds and its impact on your tax responsibility and finances.

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